Spotify stock falls more than 7% due to revenue miss and poor forward guidance ...
Pretty dramatic failure in this earnings report - achieving a loss of .42 euros instead of the expected earnings of 1.90 euros per share, posting a net loss of 86 million euros. In the same time though, monthly active users on the platform jumped 11% with paying subscribers rising 12%.
So ... where did the profit go? According to Spotify they rolled out their artificial intelligence DJ during this time period. Also announcing they are increasing the company's share repurchase program by $1 billion.